GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

6. GOODWILL AND INTANGIBLE ASSETS:

The carrying amount of goodwill as of December 31, 2021 and 2020 was $91.8 million; there were no changes to goodwill in either of the respective fiscal years.

Intangible assets consist primarily of developed technology, acquired licenses, customer relationships, trade name, domain name, in-process R&D and patent rights, and are reported net of accumulated amortization.

The Company amortizes the cost of all intangible assets over the shorter of the estimated useful life or the term of the developed technology, customer relationships, technology licenses and in-place leases, which range from two to twelve years, with the exception of $1.3 million paid to acquire an internet domain name. The Company acquired the rights to the internet domain name www.power.com, which is now the Company’s primary domain name; the cost to acquire the domain name has been recorded as an intangible asset and will not be amortized as it has an indefinite useful life. Amortization of acquired intangible assets was approximately $3.5 million, $4.4 million and $5.2 million in the years ended December 31, 2021, 2020 and 2019, respectively. The Company does not believe there is any significant residual value associated with the following intangible assets:

	December 31, 2021						December 31, 2020
			Accumulated						Accumulated
(In thousands)	Gross		Amortization		Net		Gross		Amortization		Net
Domain name	$	1,261	$	—	$	1,261	$	1,261	$	—	$	1,261
Developed technology		37,960		(31,603)		6,357		37,960		(29,126)		8,834
Customer relationships		16,700		(16,458)		242		16,700		(15,687)		1,013
Technology licenses		1,926		(774)		1,152		1,926		(528)		1,398
Total intangible assets	$	57,847	$	(48,835)	$	9,012	$	57,847	$	(45,341)	$	12,506

The estimated future amortization expense related to definite-lived intangible assets at December 31, 2021, is as follows:

	Estimated
	Amortization
Fiscal Year	(In thousands)
2022	$	2,415
2023		2,173
2024		1,279
2025		832
2026		687
Thereafter		365
Total	$	7,751